Freehold Maisonette – why is this a bad thing?

Freehold Maisonette – why is this a bad thing?

18:27 PM, 10th August 2013, About 8 years ago 17

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We have just put our freehold maisonette up for sale. It is ex local authority and ground floor, the property above is still local authority, although I believe the adjoining two are private. Buyers will not be able to get a mortgage, because it is freehold. This has never been a problem to us (cash buyers), any more than adjoining any other private property. The council has been kind enough to replace the roof (flat) without contacting us. When I contacted them to discuss the broken gate, this was replace directly. Freehold Maisonette - why is this a bad thing

So why is there this problem about the place being Freehold? Is there any way around it? How could it become leasehold? At the moment we have told the estate agent to market as cash only, but they have stressed that so much it sounds as if the place is falling down.

Any advice would be appreciated.

Celia Burns



Comments

by Jay James

10:42 AM, 18th August 2013, About 8 years ago

Reply to the comment left by "Celia Burns" at "11/08/2013 - 10:57":

Hi Celia
What is the advertised price?

by Celia Burns

12:00 PM, 19th August 2013, About 8 years ago

Reply to the comment left by "Jay Jay" at "18/08/2013 - 10:42":

LOL

This is a bit of an annoyance. The estate agent persuaded me to advertise offers over £100,000, although I told them we want £115,000.

What were you thinking? Price up Leasehold and Freehold separately?

Celia Burns

by Jay James

15:11 PM, 19th August 2013, About 8 years ago

Reply to the comment left by "Celia Burns" at "19/08/2013 - 12:00":
Much of what I say may have been said on this thread.

If the freehold that you have and the leasehold that you have are already separate, perhaps you could sell just the leasehold.
It would need enquiries made of a legal professional, but I see no reason why the leasehold could not be sold on the open market and mortgaged by the buyer.

Is the council / LA (local authority) the management company? or a joint freeholder? or just a good egg in that they do repairs for nothing?
(My flat is ex council bought on the open market and the coincil do the garden for nothing. Alas not repairs though!)

Is the freehold you have a freehold of just your property, or is it a joint freehold of the whole building?
If it is joint, it is worth seeking legal advice about selling it.
If it is just yours, I wonder if a buyer can be found separately to the leasehold, perhaps meaning a greater price overall.

Who is the management company and do they take management charges?

Whatever the answer to all these questions, your costs are kept down by not contributing to the repairs you mentioned.
This seems like a plus point to not selling.

by Puzzler

17:02 PM, 20th August 2013, About 8 years ago

Reply to the comment left by "Nick Pope" at "18/08/2013 - 08:52":

I think the roof will be the responsibility of the freeholder not the upper flat whoever owns it. If the upper floor is still owned by the council do they have a lease or not? Either way, Celia, you should check and its terms. If you're the sole freeholder this should have been given and explained to you on purchase. Please check very carefully.

by Debbie Holloway

10:19 AM, 23rd May 2015, About 6 years ago

Could I have details of the specialist solicitor who deals with lease/ freehold maisonettes, as I am looking to purchase one if possible. Many thanks

by Celia Burns

20:59 PM, 23rd May 2015, About 6 years ago

Sorry, the solicitor I used was no specialist and I could not recommend them although the sale went through despite them. Perhaps someone else on this site could help. Good luck. Thanks.

by Neil Patterson

6:45 AM, 24th May 2015, About 6 years ago

Reply to the comment left by "Celia Burns" at "23/05/2015 - 20:59":

Please see our Buy to Let conveyancing team under the legal tab 🙂

>> http://buytoletconveyancing.co.uk/contact-us/


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